by Meredith Horner | Apr 2, 2024 | 1st Stop News, Superannuation, Tax Deductions, Tax Reporting
How to claim working from home expenses Taxpayers who have been working from home this financial year, and who consequently incurred work-related expenses, have two ways to calculate their work from home deduction: ■ the actual cost method; or ■ the fixed rate...
by Meredith Horner | Mar 6, 2023 | 1st Stop News, GST, Superannuation, Tax Deductions, Tax Reporting
Significant change to claiming working from home expenses Before 1 July 2022, an individual taxpayer that incurred additional deductible expenses as a result of working from home, had a choice of three methods to claim these expenses. These choices were: The shortcut...
by Meredith Horner | Nov 1, 2022 | 1st Stop News, Superannuation, Tax Reporting
Director ID deadline is approaching The Government has launched an awareness campaign to help company directors get their director identification number (‘director ID’) as the 30 November deadline approaches. A director ID is a unique 15‐digit identifier...
by Meredith Horner | Oct 13, 2022 | 1st Stop News, Superannuation, Tax Deductions, Tax Reporting, Travel Expenses
Banking business income to a private account The ATO has stated that it has “no concerns” with business owners banking their business takings or other sales in private accounts, but that this may become an issue when this income isn’t reported....
by Meredith Horner | Sep 9, 2022 | 1st Stop News, Superannuation, Tax Reporting
More COVID-19 business grants are now tax-free The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses. A State or Territory Government COVID-19 grant payment will generally be tax-free...
by Meredith Horner | Aug 2, 2022 | 1st Stop News, Superannuation, Tax Reporting
The ATO is focusing on four major concerns this tax season when it comes to rental properties. Concern 1: Include all rental income When preparing tax returns, make sure all rental income is included, such as from short-term rental arrangements, renting part of a...
